Alphabet just pulled off the largest equity raise in tech history, and it wasn’t even the original plan. The Google parent company initially announced an $80 billion offering on June 2, only to upsize it to $84.75 billion a day later after investor demand blew past expectations.
The entire haul is earmarked for one thing: AI infrastructure.
Inside the offering structure
Alphabet is pulling multiple financial levers to get this done. The offering includes a $40 billion at-the-market program, meaning shares will be sold gradually into the open market rather than in a single block. Class A shares are priced at $355.20, with Class C shares at $351.80. Mandatory convertible preferred stock rounds out the package.
The most notable name on the investor list is Berkshire Hathaway, which committed $10 billion through a private placement at a negotiated discount.
